Professions in the business and finance industry have long been held in high esteem. And that is primarily because of the grueling work put into the process, not to mention the profit that comes with it.
One good example of a career here, more specifically in financial services, is brokering. A broker is an individual or firm who acts as an intermediary during negotiations and transactions. They ensure the proper execution of buy and sell orders requested by clients. They then receive a commission for their services.
When people in Provo, Utah or any other state think of a broker, most often come up with images of slick businessmen in suits. They also automatically think of a mortgage broker or a stockbroker. But there are actually more career options in the field of brokering, each requiring different sets of knowledge and skills.
Discount Broker
As their name suggests, discount brokers offer their services and securities for a lower price. However, they do not provide advice, research, or other investment services that may come with the offer of other types of brokers. Often, those who request the help of discount brokers are people who have no prior interactions with real brokers.
Insurance Broker
Insurance brokers are known to collaborate with insurance firms in order to provide the best quality service to their clients. Typically, they specialize in one type of insurance: either auto, home, health, or any other type of insurance policy. Compared to an insurance agent who is hired by the insurance firm, insurance brokers only represent their clients.
Online Broker
With the advancements made with technology, broker and client interaction can now be conducted online. Online brokers facilitate their business through various brokerage sites. The data they present are in the form of graphs, charts, and other investment tips. More and more people now prefer the services of online brokers due to their convenience. They are now capable of doing their business from anywhere with an internet connection.
Real Estate Broker
Real estate brokers are in charge of overseeing any real estate transactions. Compared to real estate agents who are allowed to rent, buy, or sell properties for their clients, brokers are only capable of negotiating and arranging deals for the clients that they represent.
Stockbroker
Like other brokers, stockbrokers represent their clients and act as an intermediary during transactions. Moreover, they have the power to manage the portfolio of their client, which can be an individual or an entire organization. They work with investment analysts, and give their clients advice on whether or not they should purchase stocks, and if they will get a return for their money. Unlike other types of brokers, they have the power to make purchases on behalf of their clients.
Brokering, while it is a fulfilling and financially rewarding career, is not as easy as some films and shows might make it out to be. Brokers need to be cutthroat in this competitive industry and capable of representing their clients to the fullest of their abilities.
